Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>
<a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance Corp of India (1248Z IN)</a> and <a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> are set to keep everyone busy till March.</li>
<li>On the placement front, Japanese accelerated selldowns continue their stellar record with <a href="https://www.smartkarma.com/entities/temp-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1428:1" rel="noopener">Persol Holdings (2181 JP)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Life Insurance Corp of India (1248Z IN) and SBI Sumishin Net Bank (7163 JP) are set to keep everyone busy till March.
On the placement front, Japanese accelerated selldowns continue their stellar record with Persol Holdings (2181 JP). 


ECM Weekly (20th Feb 2022) - LIC, SBI Sumishin, Huitongda, Delhivery, Vedant, Persol, Emcure, Linom

<ul>
<li>CTOS Digital (CTOS) raised around US$291m in its Malaysian IPO in Jul 2021. It is majority owned by Creador, a PE firm.</li>
<li>The stock has done well since listing and is now trading 72% above its IPO price. </li>
<li>In this note, we talk about the updates since listing and the upcoming lock-up expiry.</li>
</ul>


CTOS Digital (CTOS) raised around US$291m in its Malaysian IPO in Jul 2021. It is majority owned by Creador, a PE firm.
The stock has done well since listing and is now trading 72% above its IPO price. 
In this note, we talk about the updates since listing and the upcoming lock-up expiry.


CTOS Digital Lock-Up Expiry:High Chance of Slow Motion Creador Exit but There Should Be Ample Buyers

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Yoma Strategic Holdings / Equity Bottom-Up

Key Singapore Market Moves and Flows in 3Q21

External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

External broker reports(aggregated public sources)

<p>Top Glove Corporation Berhad’s (TOPG) FY21 net profit of RM7.9bn (+349.1%) came in within our expectation but fell short of consensus estimates, accounting for 97.4%/92.1% of full-year forecast respectively. For 4QFY21, net profit plunged 70.1% QoQ to RM607.9mn with lower revenue of RM2.12bn, down 49.2% QoQ. [...] US are expected to be fully recovered by December as shipments would resume as early as the end of September following the lifting of the US [...] Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. [...] 80%) : Displayed market leading capabilities in integrating ESG factors in all aspects of operations, management and future directions.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Top Glove Corporation Berhad’s (TOPG) FY21 net profit of RM7.9bn (+349.1%) came in within our expectation but fell short of consensus estimates, accounting for 97.4%/92.1% of full-year forecast respectively. For 4QFY21, net profit plunged 70.1% QoQ to RM607.9mn with lower revenue of RM2.12bn, down 49.2% QoQ. [...] US are expected to be fully recovered by December as shipments would resume as early as the end of September following the lifting of the US [...] Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. [...] 80%) : Displayed market leading capabilities in integrating ESG factors in all aspects of operations, management and future directions.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), JF Apex Securities Berhad

JF Apex Securities Bhd

<p>4QFY21 which slid 70.1% qoq and 48.4% yoy on the back of subdued revenue of RM2.1b, deteriorating 49.2% qoq and 32% yoy. As for full year FY21, the Group’s net profit of RM7.9b soared 349.1% yoy amid stronger revenue of RM16.4b, which jumped 126.6% yoy underpinned by strong global gloves demand as well as higher blended average selling price (ASP) during Covid-19 pandemic. [...] Cumulatively, both revenue and PBT soared 126.6% yoy and 368.4% yoy spurred by strong global gloves demand as well as higher blended ASP (+146% yoy). [...] JF Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of JF Apex Securities Berhad.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

4QFY21 which slid 70.1% qoq and 48.4% yoy on the back of subdued revenue of RM2.1b, deteriorating 49.2% qoq and 32% yoy. As for full year FY21, the Group’s net profit of RM7.9b soared 349.1% yoy amid stronger revenue of RM16.4b, which jumped 126.6% yoy underpinned by strong global gloves demand as well as higher blended average selling price (ASP) during Covid-19 pandemic. [...] Cumulatively, both revenue and PBT soared 126.6% yoy and 368.4% yoy spurred by strong global gloves demand as well as higher blended ASP (+146% yoy). [...] JF Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of JF Apex Securities Berhad.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Malaysia

Top Glove Corporation Bhd manufactures a wide range of latex gloves.  The Company's products include latex examination powdered, latex examination powderfree, nitrile examination gloves,soft nitrile examination gloves, vinyl examination gloves, surgical gloves, and other related products.

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Top Glove Corp (TOPG MK)

ECM Weekly (20th Feb 2022) - LIC, SBI Sumishin, Huitongda, Delhivery, Vedant, Persol, Emcure, Linom

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

CTOS Digital Lock-Up Expiry:High Chance of Slow Motion Creador Exit but There Should Be Ample Buyers

CTOS Digital (CTOS) raised around US$291m in its Malaysian IPO in Jul 2021. It is majority owned by Creador, a PE firm. In this note, we talk about...

Sumeet Singh

Key Singapore Market Moves and Flows in 3Q21

In 3Q21, the STI saw its narrowest quarterly trading range since 3Q17, generating a 0.2% decline in total return, while the FTSE APAC Index...

Singapore Exchange Ltd (SGX)

ASP to Normalize in January 2022

<p>Top Glove Corporation Berhad’s (TOPG) FY21 net profit of RM7.9bn (+349.1%) came in within our expectation but fell short of consensus estimates,...

TA Securities Holdings Bhd

4QFY21: Earnings taper off

<p>4QFY21 which slid 70.1% qoq and 48.4% yoy on the back of subdued revenue of RM2.1b, deteriorating 49.2% qoq and 32% yoy. As for full year FY21,...

JF Apex Securities Bhd

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